Apple has announced a 128GB version of the fourth generation iPad with Retina display.

The new iPad has twice the storage capacity of the 64GB models but will be the same as the fourth generation iPad which was released in October last year.

It will be on sale from February 5 for £639 for the iPad with Wi-Fi model and £739 for the iPad with Wi-Fi and 4G model.

“With more than 120 million iPads sold, it’s clear that customers around the world love their iPads, and everyday they are finding more great reasons to work, learn and play on their iPads rather than their old PCs,” said Philip Schiller, Apple’s senior vice president of Worldwide Marketing.

“With twice the storage capacity and an unparalleled selection of over 300,000 native iPad apps, enterprises, educators and artists have even more reasons to use iPad for all their business and personal needs.”

The new version include a 9.7-inch Retina display and an HD FaceTime camera, as well as an Apple-designed A6X chip and the iOS 6.1 operating system.

Apple shares plunged 10 per cent last week after the company reported quarterly results that point to growth slowing after five fat years.

It reported October-December earnings that were flat compared with the year before.

Sales grew 18 per cent from the year before, but the start-up of production lines for multiple new products like the iPhone 5 and iPad Mini held back profits.

Apple's sales growth forecast for the current financial quarter of around 7 per cent was also far below the 50 per cent-plus rate it is often hit in recent years as it has seen its popularity surge..

Apple said its iPad continues to have a significant impact on business with virtually all of the Fortune 500 and over 85 per cent of the Global 500 currently deploying or testing iPad.

Companies regularly utilising large amounts of data such as 3D CAD files, X-rays, film edits, music tracks, project blueprints, training videos and service manuals can benefit from larger storage on the iPad, Apple added.

The company said that the iPad's larger storage would benefit its 10 million iWork users, as well as customers who rely on apps like Global Apptitude for analysing team film and creating digital playbooks, Auria for a 48 track recording system, or AutoCAD for drafting architectural and engineering drawings.

“Our AutoCAD WS app for iOS was designed to give customers seamless access to their designs anywhere, anytime,” said Amy Bunszel, vice president of AutoCAD products for Autodesk.

“These files are often large and highly detailed so having the thin and light iPad with its Multitouch display, integrated camera and all-day battery life, is a real advantage for iPad users to view, edit and share their AutoCAD data.”

“The features and capabilities of iPad give us the ability to set a new standard for multitrack recording and editing on a mobile device,” said Rim Buntinas, WaveMachine Labs’ CEO.

“Users of the Auria app can play 48 mono or stereo 24bit/96 kHz tracks simultaneously, record up to 24 of those tracks simultaneously, and also edit and mix with familiar tools. With its portability and all-day battery life, iPad has revolutionised recording for audio professionals allowing artists to record anywhere.”

“The bottom line for our customers is winning football games, and iPad running our GamePlan solution unquestionably helps players be as prepared as possible,” said Randall Fusee, Global Apptitude Co-Founder.

“The iPad’s unbeatable combination of security, being thin and light, having an incredible Retina display and also being powerful enough to handle large amounts of data enables us to deliver a product that takes film study to a new level and ultimately gives our users the best opportunity to prepare, execute and win.”

The announcement comes during a busy week for computer and mobile phone companies.

Research in Motion (RIM) will this week launch its new BlackBerry 10 handsets and software system in a bid to recapture a large chunk of the mobile market.

Microsoft has launched a new touchscreen version of its Office software, the first update in three years, as it tries to extend its reach past its traditional home on PCs onto smartphones and tablets that run its Windows operating system.